Which of the following groups has primary responsibility for the information contained in the financial statements?

Question

Quizplus · Accepted Answer

The primary responsibility for the information contained in the financial statements lies with the company's management, as they are the ones who prepare and present the financial statements. While auditors and the SEC provide oversight and ensure compliance with accounting standards and regulations, they do not have primary responsibility for the accuracy and completeness of the financial statements. Investors rely on the financial statements to make investment decisions, but they do not have direct responsibility for the information contained in them.

Which of the Following Groups Has Primary Responsibility for the Information